The Wrap reported yesterday that Disney has officially decided to shut down Miramax Films after a recent period of slowly shrinking the production and distribution company, most recently ousting its president Daniel Battsek and closing the New York offices. Founded in 1979 by brothers Bob and Harvey Weinstein, the pioneering film company was named in honor of the Weinsteins’ parents (Miriam and Max) and was acquired by Disney in 1993. After a strained relationship with The Walt Disney Company, the Weinsteins left Miramax in 2005 and began another new film company on their own.

The Wrap, which offers reponses from director Kevin Smith and Harvey Weinstein himself states that the Weinsteins are interested in recovering the Miramax name but as of yet there has been no response from Disney other than an offer from Robert Iger to sell the company outright to anyone for $1.5B.